These materials provide, in interactive data format using the
Extensible Business Reporting Language, information relating to DundeeWealth Funds prospectuses dated February 1, 2013 that were
filed with the with the Securities and Exchange Commission pursuant to Rule 497(c) under the Securities Act of 1933, as amended,
on February 5, 2013 (SEC Accession No. 0001534424-13-000049).

EXHIBIT INDEX

Index No.

Description of Exhibit

EX-101.INS

XBRL Instance Document

EX-101.SCH

XBRL Taxonomy Extension Schema Document

EX-101.CAL

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS
2
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table describes the fees and expenses that you may pay if you buy and hold Fund shares.</p><p style="font: 10pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay if you buy and
hold Fund shares.</p><p style="font: 10pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay if you buy and
hold Fund shares.</p><p style="font: 10pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay if you buy and
hold Fund shares.</p><font>This table describes the fees and expenses that you may pay if you buy and hold
Fund shares.</font><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">This table describes the fees and expenses that you pay if you buy and hold Fund shares.</font></font></font><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you pay if you buy and hold Fund shares.</p><p style="font: 10pt Times New Roman, Times, Serif">This table describes the fees and expenses that you pay if you buy and hold
Fund shares.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you pay if you buy and hold Fund shares.</p>0.0090.0090.0090.00950.00950.00950.00950.00950.00950.00890.00890.00890.00850.00850.00850.00950.00950.00950.00650.00650.00650.01050.01050.01050.00850.00850.00750.00750.00610.00610.0010.002500.0010.002500.0010.002500.0010.002500.0010.002500.0010.002500.0010.002500.0010.0025000.002500.002500.00250.00730.00880.00630.02470.02620.02370.02460.02610.02360.03970.04120.03870.13960.14110.13860.00740.00890.00640.0060.00750.0050.00950.0110.00850.00410.00660.00990.01240.00450.0070.01630.01780.01530.03420.03570.03320.03410.03560.03310.04880.05030.04780.14810.14960.14710.01690.01840.01590.01250.0140.01150.020.02150.0190.01260.01510.01740.01990.01060.0131-0.0054-0.0054-0.0054-0.0227-0.0227-0.0227-0.0226-0.0226-0.0226-0.0379-0.0379-0.0379-0.1366-0.1366-0.1366-0.0049-0.0049-0.0049-0.0041-0.0041-0.0041-0.0061-0.0061-0.0061-0.0017-0.0017-0.0079-0.0079-0.0027-0.00270.01090.01240.00990.01150.0130.01050.01150.0130.01050.01090.01240.00990.01150.0130.01050.0120.01350.0110.00840.00990.00740.01390.01540.01290.01090.01340.00950.0120.00790.0104<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover:<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Portfolio Turnover:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Portfolio Turnover:</b>&#160;</div><div><b>Portfolio Turnover:</b></div><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover:<div><b>Portfolio Turnover:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Portfolio Turnover:</b>&#160;</div><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover:<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover:<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover:<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover:<p style="font: 10pt Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.
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costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example,
affect the Fund&#146;s performance.</p><p style="margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions, when it buys
and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating
expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio
turnover rate was 29.89% of the average value of its portfolio.</p><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating
expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio
turnover rate was 77.55% of the average value of its portfolio.</p><p style="font: 10pt Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or &#147;turns over&#148; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction
costs.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s
performance.&#160;&#160;During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 75.56% of the average
value of its portfolio.</p><p style="font: 10pt Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.
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securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.</p><p style="font: 10pt Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.
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Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating
expenses or in the example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio
turnover rate was 118.67% of the average value of its portfolio.</p><p style="font: 10pt Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.
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Expenses&#148; are estimated for the current fiscal year.</font></p><p style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; for Institutional Shares and Class II Shares,
which had not commenced operations as of the date of this prospectus, are estimated based on Class I Shares for the current fiscal
year.</p><p style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; for Institutional Shares and Class II Shares,
which had not commenced operations as of the date of this prospectus, are estimated based on Class I Shares for the current fiscal
year.</p><p style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; for Institutional Shares and Class II Shares,
which had not commenced operations as of the date of this prospectus, are estimated based on Class I Shares for the current fiscal
year.</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0">&#160;<font style="font-size: 10pt">&#147;Other
Expenses&#148; for Institutional Shares and Class II Shares, which had not commenced operations as of the date of this prospectus,
are estimated based on Class I Shares for the current fiscal year.</font></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; are estimated for the current
fiscal year.</p><p style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; for Class II Shares, which had not commenced
operations as of the date of this prospectus, are estimated based on Class I Shares for the current fiscal year.</p><p style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; for Class II Shares, which had not commenced
operations as of the date of this prospectus, are estimated based on Class I Shares for the current fiscal year.</p><p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p>278126100982931321070729313210707278126100982931321070730613711215214101755835415713139278136242122202106115350843040209788380895209288180690281611701097517247293428755412125314539189040332470142161453780957461117754877638920899147830639581656153460394916521530585361221320984212904520551324721799508193816177275933716888082174100013966924719205017775588763687345813885436783449551174948174620042284991769114944892211818478436881644136095376917874965225331741555<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Principal Investment Strategy:</font><p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategy:</b></p>
<p style="margin: 0"></p><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Investment Strategy:</b></div><div><b>Principal Investment Strategy:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Investment Strategy:</b></div><div><b>Principal Investment Strategy:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Investment Strategy:</b></div><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Principal Investment Strategy:</font><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Principal Investment Strategy:</font><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Principal Investment Strategy:</font><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Principal Investment Strategy:</font><p>The Fund invests, under normal market conditions, at least 80% of its assets in equity securities of energy and utility companies.</p><p>The Fund invests in a portfolio consisting of equity securities of U.S. and foreign companies chosen according to a growth
oriented investment approach.</p><p>The Fund represents an actively traded portfolio of equity securities of businesses located in the U.S. and around the world
chosen according to a growth investment approach.</p><p>The Fund invests, under normal market conditions, at least 80% of its assets in the equity securities of companies located
in Canada.</p><p>The Fund invests in a broadly diversified portfolio consisting of equity securities of U.S. and foreign companies chosen using
a value oriented investment approach.</p><p>The Fund invests, under normal market conditions, at least 80% of its assets in securities of companies which are engaged primarily
in activities related to gold and various precious metals, including exploration, mining, development, fabrication, processing
or distribution, in instruments that derive their value from the value of precious metals and in gold, silver, platinum and palladium
in the form of bullion, coins and storage receipts.</p><p>The Fund invests, under normal market conditions, at least 80% of its assets in equity securities of U.S. companies chosen
according to a growth oriented investment approach.</p><p style="font: 10pt Times New Roman, Times, Serif">The Fund invests, under normal conditions, at least 80% of its assets in securities
of companies domiciled in, or listed in, or whose principal business activities are located in, the emerging markets.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests, under normal market conditions, at least 80% of its assets in securities of companies headquartered outside the United
States.</p><p style="font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">The Fund invests, under normal market conditions,
in U.S. common stocks and other equity securities.</font></p><p style="font: 10pt Times New Roman, Times, Serif">The Fund invests, under normal market conditions, at least 80% of its assets
in U.S.</p><p>You could lose all or some of your investment in the Fund.</p><p>You could lose all or some of your investment in the Fund.</p><p>You could lose all or some of your investment in the Fund.</p><p>You could lose all or some of your investment in the Fund.</p><p>You could lose all or some of your investment in the Fund.</p><p>You could lose all or some of your investment in the Fund.</p><p>You could lose all or some of your investment in the Fund.</p><p style="font: 10pt Times New Roman, Times, Serif">You could lose all or some of your investment in the Fund.</p><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">You could lose all or some of your investment in the Fund.</font></font></font><p style="font: 10pt Times New Roman, Times, Serif">You could lose all or some of your investment in the Fund.</p><p style="font: 10pt Times New Roman, Times, Serif">You could lose all or some of your investment in the Fund.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund&#146;s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund&#146;s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund&#146;s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund&#146;s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund&#146;s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p><p style="font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified and invests in a limited number of securities,
typically 20 to 40 stocks.&#160;&#160;Therefore, the Fund&#146;s investment performance may be more volatile, as it may be more
susceptible to risks associated with a single economic, political, or regulatory event than a fund that invests in a greater number
of issuers.</p><p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Performance Information:<p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p><p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p><p>The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing the Fund&#146;s
performance for each full calendar year since its inception and by showing how the Fund&#146;s average annual returns compare
with those of a broad measure of market performance.</p><p>The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing the Fund&#146;s
performance for each full calendar year since its inception and by showing how the Fund&#146;s average annual returns compare
with those of broad measures of market performance.</p><p>The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing the Fund&#146;s
performance for each full calendar year since its inception and by showing how the Fund&#146;s average annual returns compare
with those of a broad measure of market performance.</p><p>The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing the Fund&#146;s
performance for each full calendar year since its inception and by showing how the Fund&#146;s average annual returns compare
with those of a broad measure of market performance.</p><p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication of the risks
of an investment in the Fund by showing how the Fund&#146;s performance has varied from year to year, and by showing how the
Fund&#146;s average annual returns compare with those of a broad measure of market performance.</p><p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication of the risks
of an investment in the Fund by showing the Fund&#146;s performance for each full calendar year since its inception and by showing
how the Fund&#146;s average annual returns compare with those of a broad measure of market performance.</p><p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication of the risks
of an investment in the Fund by showing the Fund&#146;s performance for each full calendar year since its inception and by showing
how the Fund&#146;s average annual returns compare with those of a broad measure of market performance.</p><p>1-888-572-0968</p><p>1-888-572-0968</p><p>1-888-572-0968</p><p>1-888-572-0968</p><p>1-888-572-0968</p><p style="font: 10pt Times New Roman, Times, Serif">1-888-572-0968</p><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">1-888-572-0968</font></font></font><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">1-888-572-0968</font></font></font><p style="font: 10pt Times New Roman, Times, Serif">1-888-572-0968</p><p>www.dundeewealthus.com</p><p>www.dundeewealthus.com</p><p>www.dundeewealthus.com</p><p>www.dundeewealthus.com</p><p>www.dundeewealthus.com</p><p>www.dundeewealthus.com</p><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">www.dundeewealthus.com</font></font></font><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">www.dundeewealthus.com</font></font></font><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">www.dundeewealthus.com</font></font></font><p>Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p><p>Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p><p>Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p><p>Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p><p>Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p><p style="font: 10pt Times New Roman, Times, Serif">Past performance (before and after taxes) is not necessarily an indication
of how the Fund will perform in the future.</p><p style="font: 10pt Times New Roman, Times, Serif">Past performance (before and after taxes) is not necessarily an indication
of how the Fund will perform in the future.</p><p style="font: 10pt Times New Roman, Times, Serif">Past performance (before and after taxes) is not necessarily an indication
of how the Fund will perform in the future.</p><div><b>Annual Return For the years ended December 31 </b></div><div><b>Annual Return For the years ended December 31 </b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Annual Return For the years ended December 31</b>&#160;</div><div><b>Annual Return For the years ended December 31 </b></div><div><b>Annual Return For the years ended December 31 </b></div><p> <b>Annual Return - Class I For the years ended December 31 </b></p><div><b>Annual Return For the years ended December 31 </b></div><div><b>Annual Return For the years ended December 31 </b></div>0.23120.23120.11220.11220.10460.10460.73420.73420.50670.50670.29740.29740.24490.24490.18670.18670.00630.00630.10970.1097-0.0676-0.0676-0.2968-0.29680.04610.0461-0.1524-0.1524-0.0654-0.06540.04190.0419-0.0713-0.07130.10770.10770.09460.0946-0.0767-0.07670.06600.0660.15480.15480.15620.15620.12540.1254<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter</b></p><div>Best Quarter</div><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter</b></p><div>Best Quarter</div><div>Best Quarter</div><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter</b></p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter</b></p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter</b></p>2010-12-312010-09-302010-12-312012-09-302010-09-302010-09-302009-06-302010-12-310.14050.10920.10550.27740.22360.2080.26540.1447<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Worst
Quarter</b></p><div>Worst Quarter</div><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Worst
Quarter</b></p><div>Worst Quarter</div><div>Worst Quarter</div><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Worst
Quarter</b></p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Worst
Quarter</b></p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Worst
Quarter</b></p>2011-09-302010-06-302011-09-302010-06-302011-09-302011-09-302008-12-312008-12-31-0.1456-0.0618-0.1155-18.28-0.1650-0.2101-0.2488-0.2456<p>reflects no deductions for fees, expenses or taxes</p><p>reflects no deductions for fees, expenses or taxes</p><p>reflects no deductions for fees, expenses or taxes</p><p>reflects no deductions for fees, expenses or taxes</p><p>reflects no deductions for fees, expenses or taxes.</p><p style="font: 10pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</p><font style="display: inline; font: 10pt times new roman">reflects no deductions for fees, expenses or taxes</font><td class="th" style="border-bottom-style: none; border-bottom-width: 0px"></td>
<td class="text">reflects no deductions for fees, expenses or taxes</td><p>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</p><p>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</p><p>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</p><p>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</p><p>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</p><p style="font: 10pt Times New Roman, Times, Serif">After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.</p><p style="font: 10pt Times New Roman, Times, Serif">After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.</p><p style="font: 10pt Times New Roman, Times, Serif">After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.</p><p>Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (&#147;IRA&#148;).</p><p>Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (&#147;IRA&#148;).</p><p>Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (&#147;IRA&#148;).</p><p>Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (&#147;IRA&#148;).</p><p>Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (&#147;IRA&#148;).</p><p style="font: 10pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor&#146;s tax situation and may
differ from those shown.&#160;&#160;After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).</p><p style="font: 10pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor&#146;s tax situation and may
differ from those shown.&#160;&#160;After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;)</p><p style="font: 10pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor&#146;s tax situation and may
differ from those shown.&#160;&#160;Actual after-tax returns shown are not relevant to investors who hold their Fund shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).</p><p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average
Annual Total Returns For the Periods Ended December 31, 2012</b></p><p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average
Annual Total Returns For the Periods Ended December 31, 2012</b></p><p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average
Annual Total Returns For the Periods Ended December 31, 2012</b></p><p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average Annual Total Returns For the Periods Ended December 31, 2012</b></p><p><b>Average Annual Total Returns</b><br style="clear: left" />
<b>For the Periods Ended December 31, 2012</b></p><p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average
Annual Total Returns For the Periods Ended December 31, 2012</b></p><p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average
Annual Total Returns For the Periods Ended December 31, 2012</b></p><p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average
Annual Total Returns For the Periods Ended December 31, 2012</b></p><p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Standard &#38; Poor&#146;s/Toronto
Stock Exchange Capped Energy Index (reflects no deductions for fees, expenses or taxes)</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Before
Taxes</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions and Sale of Fund Shares</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Standard
&#38; Poor&#146;s/Toronto Stock Exchange Equity Income Index (reflects no deductions for fees, expenses or taxes)</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Standard
&#38; Poor&#146;s/Toronto Stock Exchange Composite Index (reflects no deductions for fees, expenses or taxes)</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Before
Taxes</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions and Sale of Fund Shares</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Morgan
Stanley Capital International (MSCI) World Index (reflects no deductions for fees, expenses or taxes)</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Before
Taxes</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions and Sale of Fund Shares</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Standard
&#38; Poor&#146;s/Toronto Stock Exchange Global Gold Index (reflects no deductions for fees, expenses or taxes)</p><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Before
Taxes</font></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions</font></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions and Sale of Fund Shares</font></div><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Russell
1000&#174; Growth Index (reflects no deductions for fees, expenses or taxes)</p><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Before
Taxes</font></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions</font></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions and Sale of Fund Shares</font></div><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Morgan
Stanley Capital International EAFE Index (reflects no deductions for fees, expenses or taxes)</p><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Before
Taxes</font></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions</font></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions and Sale of Fund Shares</font></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Before
Taxes</font></div><p style="font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">S&#38;P 500</font><font style="font-size: 70%; vertical-align: text-top">&#174;
</font><font style="font-size: 10pt">Index (reflects no deductions for fees, expenses or taxes)</font></p><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Before
Taxes</font></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions</font></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions and Sale of Fund Shares</font></div><p style="font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">S&#38;P 500</font><font style="font-size: 70%; vertical-align: text-top">&#174;
</font><font style="font-size: 10pt">Index (reflects no deductions for fees, expenses or taxes)</font></p><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Before
Taxes</font></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions</font></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions and Sale of Fund Shares</font></div><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Russell Developed Large Cap Index (reflects no deductions for fees, expenses or taxes)</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Russell Developed ex-North America Large Cap Index (reflects no deductions for fees, expenses or taxes)</p>-0.0267-0.0713-0.076-0.03210.10080.09620.10770.10510.07940.16540.09460.09410.0621-0.1276-0.0767-0.0965-0.04990.15260.0660.0660.04290.1790.15480.15460.10280.15150.160.15620.15380.10480.160.12540.1240.08330.16910.18420.04270.11220.10490.097900.19790.17860.15310.14430.15930.10230.08680.08420.03220.15580.13130.12210.19480.26080.24290.2180.07320.0950.09460.08270.07490.0068-0.0026-0.0054-0.0030.0087-0.0155-0.0162-0.01320.16480.07832009-08-182009-08-182009-08-182009-08-182009-04-012009-04-012009-04-012009-04-012009-04-012009-04-022009-04-022009-04-022009-04-022009-04-012009-04-012009-04-012009-04-012009-04-012009-04-012009-04-012009-04-012007-10-012007-10-012007-10-012007-10-012007-06-012007-06-012007-06-012007-06-012009-04-02<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Fees and Expenses of the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Fees and Expenses of the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Fees and Expenses of the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Fees and Expenses of the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Fees and Expenses of the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Fees and Expenses of the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Fees and Expenses of the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Fees and Expenses of the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Fees and Expenses of the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Fees and Expenses of the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Fees and Expenses of the Fund:</b></div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
</tr>
</table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
</tr>
</table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
</tr>
</table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
</tr>
</table>
<div>&#160;</div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
</tr>
</table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
</tr>
</table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
</tr>
</table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;">None</td>
<td>&#160;</td>
</tr>
</table><table cellspacing="0" cellpadding="0" style="font: 10pt/normal times new roman , times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2">
<tr style="vertical-align: bottom">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt">Shareholder Fees (fees paid directly from your investment)</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right">None</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
</table><table cellspacing="0" cellpadding="0" style="font: 10pt/normal times new roman , times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2">
<tr style="vertical-align: bottom">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt">Shareholder Fees (fees paid directly from your investment)</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right">None</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
</table><table cellspacing="0" cellpadding="0" style="font: 10pt/normal times new roman , times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2">
<tr style="vertical-align: bottom">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt">Shareholder Fees (fees paid directly from your investment)</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right">None</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right">None</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
</table><div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div><div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div><div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div><div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div><div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div><div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div><div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div><div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div><div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div><div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div><div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div><p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">This example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The example assumes
that you invest $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and $10,000 in Class II
Shares of the Fund (the minimum initial investment for Class II Shares is $2,000) for the time periods indicated and that you
sell your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and
Fund operating expenses remain the same. Although your actual costs and returns might be different, your approximate costs of
investing $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and $10,000 in Class II
Shares of the Fund would be:</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
example assumes that you invest $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and
$10,000 in Class II Shares of the Fund (the minimum initial investment for Class II Shares is $2,000) for the time periods
indicated and that you sell your shares at the end of those periods. The example also assumes that each year your investment
has a 5% return and Fund operating expenses remain the same. Although your actual costs and returns might be different, your
approximate costs of investing $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and
$10,000 in Class II Shares of the Fund would be:</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
example assumes that you invest $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and
$10,000 in Class II Shares of the Fund (the minimum initial investment for Class II Shares is $2,000) for the time periods
indicated and that you sell your shares at the end of those periods. The example also assumes that each year your investment
has a 5% return and Fund operating expenses remain the same. Although your actual costs and returns might be different, your
approximate costs of investing $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and
$10,000 in Class II Shares of the Fund would be:</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
example assumes that you invest $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and
$10,000 in Class II Shares of the Fund (the minimum initial investment for Class II Shares is $2,000) for the time periods
indicated and that you sell your shares at the end of those periods. The example also assumes that each year your investment
has a 5% return and Fund operating expenses remain the same. Although your actual costs and returns might be different, your
approximate costs of investing $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and
$10,000 in Class II Shares of the Fund would be:</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><br />
The
example assumes that you invest $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and
$10,000 in Class II Shares of the Fund &#160;(the minimum initial investment for Class II Shares is $2,000) for the time
periods indicated and that you sell your shares at the end of those periods. The example also assumes that each year your
investment has a 5% return and Fund operating expenses remain the same. Although your actual costs and returns might be
different, your approximate costs of investing $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of
the Fund and $10,000 in Class II Shares of the Fund would be:</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><br />
The
example assumes that you invest $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and
$10,000 in Class II Shares of the Fund (the minimum initial investment for Class II Shares is $2,000) for the time periods
indicated and that you sell your shares at the end of those periods. The example also assumes that each year your investment
has a 5% return and Fund operating expenses remain the same. Although your actual costs and returns might be different, your
approximate costs of investing $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and
$10,000 in Class II Shares of the Fund would be:</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual
funds.<br /> <br /> The example assumes that you invest $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I
Shares of the Fund and $10,000 in Class II Shares of the Fund (the minimum initial investment for Class II Shares is $2,000)
for the time periods indicated and that you sell your shares at the end of those periods. The example also assumes that each
year your investment has a 5% return and Fund operating expenses remain the same. Although your actual costs and returns
might be different, your approximate costs of investing $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I
Shares of the Fund and $10,000 in Class II Shares of the Fund would be:</p><p><font style="font: 10pt Times New Roman, Times, Serif">&#160;This example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds.</font></p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The
example assumes that you invest $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and $10,000
in Class II Shares of the Fund (the minimum initial investment for Class II Shares is $2,000) for the time periods indicated and
that you sell your shares at the end of those periods.&#160;&#160;The example also assumes that each year your investment has
a 5% return and Fund operating expenses remain the same.&#160;&#160;Although your actual costs and returns might be different,
your approximate costs of investing $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and
$10,000 in Class II Shares of the Fund would be:</font></p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The example assumes that you invest $25,000 in Class
I Shares of the Fund and $10,000 in Class II Shares of the Fund (the minimum initial investment for Class II Shares is $2,000)
for the time periods indicated and that you sell your shares at the end of those periods.&#160;&#160;The example also assumes
that each year your investment has a 5% return and Fund operating expenses remain the same.&#160;&#160;Although your actual costs
and returns might be different, your approximate costs of investing $25,000 in Class I Shares of the Fund and $10,000 in Class
II Shares of the Fund would be:</p><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This example
is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The example assumes that you invest $25,000 in Class
I Shares of the Fund and $10,000 in Class II Shares of the Fund (the minimum initial investment for Class II Shares is $2,000)&#160;for
the time periods indicated and that you sell your shares at the end of those periods.&#160;&#160;The example also assumes that
each year your investment has a 5% return and Fund operating expenses remain the same.&#160;&#160;Although your actual costs and
returns might be different, your approximate costs of investing $25,000 in Class I Shares of the Fund and $10,000 in Class II
Shares of the Fund&#160;would be:</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">The example assumes that you invest $25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund&#160;(the
minimum initial investment for Class II Shares is $2,000)&#160;for the time periods indicated and that you sell your shares at
the end of those periods.&#160;&#160;The example also assumes that each year your investment has a 5% return and Fund operating
expenses remain the same.&#160;&#160;Although your actual costs and returns might be different, your approximate costs of investing
$25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund&#160;would be:</p><p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund invests, under normal
market conditions, at least 80% of its assets in equity securities of energy and utility companies. Energy companies are involved
primarily in the exploration, development, production, sale and distribution of oil and natural gas and/or other commodities such
as fossil fuels, metals, minerals, wind and their by-products. Utility companies are energy-related companies and may be involved
in multiple aspects of the development and distribution of power and water resources and/or the development of energy pipelines.
The Fund may invest in U.S., Canadian and other foreign companies of any size, including small and mid capitalization companies,
in order to achieve its objective.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">To achieve its investment
objective, the Fund intends to invest primarily in U.S., Canadian and other foreign energy and utility companies, and in equity
securities of master limited partnerships (&#147;MLPs&#148;) and Canadian income trusts to the extent permitted by applicable
law. When investing in an income trust, GCIC US Ltd. (the &#147;Sub-Adviser&#148;) purchases an equity investment vehicle designed
to distribute cash flow from an underlying business to investors. The Fund also seeks to provide shareholders with current income
through investing in energy and utility MLPs.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Techniques such as fundamental
analysis may be used to assess capacity for income generation and capital appreciation. In conducting fundamental analysis of companies,
income trusts and MLPs that are being considered for purchase by the Fund, the management team evaluates the financial condition
and management of a company or project, its industry and the overall economy. As part of this evaluation, the Sub-Adviser may:</p>
<p style="margin: 0">&#160;</p>
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<tr style="vertical-align: top">
<td style="width: 4%">&#160;</td>
<td style="width: 4%">&#160;</td>
<td style="width: 92%">&#160;</td></tr>
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<td style="text-align: left; text-indent: 0pt">&#9679;</td>
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<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr>
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<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
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<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Sub-Adviser may initiate
options positions and option/stock combination strategies (e.g. covered calls) in the Fund. While the primary use of the option
positions will be to generate additional income in the Fund, the option positions may also allow the portfolio manager to purchase
or sell the underlying stock at what the Sub-Adviser believes to be a fundamentally attractive price. More specifically, the Fund
may write covered call options on a security in order to collect the related premium on the call option and establish a sale price
for the related security that the Sub-Adviser believes to be attractive. The Fund may also write put options on a security in order
to collect the related premium on the put option and acquire the related security at a price the Sub-Adviser believes to be attractive.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests in a portfolio consisting of equity securities of U.S. and foreign companies chosen according to a growth oriented
investment approach. The Fund will invest significantly (at least 40% of its assets unless market conditions are deemed to be
unfavorable by DundeeWealth US, LP or GCIC US Ltd. (the &#147;Sub-Adviser&#148;) in which case the Fund will invest at least
30% of its assets) in the securities of companies organized or primarily located outside of the U.S. or doing a substantial amount
of business outside of the U.S. The Fund considers a company that derives at least 50% of its revenues from business outside the
U.S. or has at least 50% of its assets outside the U.S. as doing a substantial amount of business outside the U.S. Based on the
Sub-Adviser&#146;s view of the global capital markets, the Fund may invest from time to time in a limited number of countries
and areas of the world. The Fund may invest in U.S. and foreign companies of any size, including small and mid capitalization
companies, and in emerging market countries, in order to achieve its objective.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">When
selecting investments for the Fund, the Sub-Adviser seeks to identify companies demonstrating strong current or prospective earnings
growth relative to the overall market and relative to their peer group.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Techniques
such as fundamental analysis may be used to assess potential investments for the Fund. In conducting fundamental analysis of companies
that are being considered for purchase in the Fund, the management team evaluates the financial condition and management of a
company, its industry and the overall economy. As part of this evaluation, the Sub-Adviser may:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 4%">&#160;</td>
<td style="width: 4%">&#160;</td>
<td style="width: 92%">&#160;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
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<td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
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<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
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Fund represents an actively traded portfolio of equity securities of businesses located in the U.S. and around the world chosen
according to a growth investment approach. The growth investment approach seeks to identify companies demonstrating the strongest
earnings growth relative to the overall market and relative to their peer group. The Fund may invest in U.S. and foreign companies
of any size, including small and mid capitalization companies, and in emerging market countries, in order to achieve its objective.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Techniques
such as fundamental analysis may be used to assess potential investments for the Fund. In conducting fundamental analysis of companies
that are being considered for purchase in the Fund, the management team evaluates the financial condition and management of a
company, its industry and the overall economy. As part of this evaluation, GCIC US Ltd. (the &#147;Sub-Adviser&#148;) may:</p>
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<tr style="text-align: justify; vertical-align: top">
<td style="width: 4%">&#160;</td>
<td style="width: 4%; text-align: left">&#160;</td>
<td style="width: 92%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
</table><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests, under normal market conditions, at least 80% of its assets in the equity securities of companies located in Canada.
For the purposes of this policy, the Fund defines companies that are located in Canada as companies that are incorporated or organized
in Canada. The Fund invests primarily in dividend or distribution paying Canadian equity securities and real estate investment
trusts (&#147;REITs&#148;), as well as in other types of Canadian equity securities, including limited partnerships and master
limited partnerships (&#147;MLPs&#148;). The Fund may, to the extent permitted by applicable law, also invest in Canadian income
trusts. An income trust is an equity investment vehicle designed to contribute cash flow from an underlying business to investors.
In addition to its Canadian equity investments, the Fund may also invest in other foreign and U.S. companies of any size, including
small and mid capitalization companies, as well as in U.S. MLPs to the extent permitted by applicable law, in order to achieve
its objective. While the Fund will not concentrate its investments in any one industry, the Fund will focus on equity securities
in the energy, real estate and infrastructure sectors.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">In
considering an equity security, GCIC US Ltd. (the &#147;Sub-Adviser&#148;) also evaluates the equity security&#146;s potential
for capital appreciation. The Sub-Adviser employs a Quality at a Reasonable Price (QUARP<font style="font-size: 70%; vertical-align: text-top">TM</font><font style="font-size: 10pt">)
philosophy and uses strict fundamental analysis due diligence measures to assess potential investments for the Fund. In conducting
fundamental analysis of companies that are being considered for purchase in the Fund, the management team evaluates the financial
condition and management of a company, its industry and the overall economy. As part of this evaluation, the Sub-Adviser may:</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="text-align: justify; vertical-align: top">
<td style="text-align: justify; width: 4%">&#160;</td>
<td style="text-align: justify; width: 4%">&#160;</td>
<td style="text-align: justify; width: 92%">&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify; text-indent: 0pt">&#9679;</td>
<td style="text-align: justify; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
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<td style="text-align: justify">&#160;</td>
<td style="text-align: justify; text-indent: 0pt">&#9679;</td>
<td style="text-align: justify; text-indent: 0pt">assess the quality of management; and</td></tr>
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<td style="text-align: justify">&#160;</td>
<td style="text-align: justify; text-indent: 0pt">&#9679;</td>
<td style="text-align: justify; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
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<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests in businesses with sustainable cash flow distributions, dominant positions in their respective industry sector and
management that holds a significant equity stake.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Sub-Adviser may initiate options positions and option/stock combination strategies
(e.g. covered calls) in the Fund. While the primary use of the option positions will be to generate additional income in the Fund,
the option positions may also allow the portfolio manager to purchase or sell the underlying stock at what the Sub-Adviser believes
to be a fundamentally attractive price. More specifically, the Fund may write covered call options on a security in order to collect
the related premium on the call option and establish a sale price for the related security that the Sub-Adviser believes to be
attractive. The Fund may also write put options on a security in order to collect the related premium on the put option and acquire
the related security at a price the Sub-Adviser believes to be attractive.&#160;</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests in a broadly diversified portfolio consisting of equity securities of U.S. and foreign companies chosen using a value
oriented investment approach. GCIC US Ltd. (the &#147;Sub-Adviser&#148;) believes that dividend growth may be a strong indicator
of future price performance, and therefore, seeks to identify high quality companies, selling at a discount to intrinsic value,
that are expected to initiate or increase their dividends. Based on the Sub-Adviser&#146;s view of the global capital markets,
the Fund may invest from time to time in a limited number of countries and areas of the world. The Fund may invest in U.S., Canadian
and other foreign companies of any size, including small and mid capitalization companies, in order to achieve its objective.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">When
selecting investments for the Fund, the Sub-Adviser screens a broad universe of stocks that are expected to initiate or increase
their dividends using metrics that traditionally indicate a measure of value, including low price-to-cash-flow ratio, low-price-to-book
ratio and low-price-to-earnings ratio. The Sub-Adviser then conducts fundamental analysis to distinguish those that merit investment
from those that are inexpensive for a good reason. The Sub-Adviser also seeks to identify catalysts that may drive an increase
in stock price.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">In
conducting fundamental analysis of companies that are being considered for purchase in the Fund, the management team evaluates
the financial condition and management of a company, its industry and the overall economy. As part of this evaluation, the Sub-Adviser
may:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="width: 8%">&#160;</td>
<td style="width: 92%">&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
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<td style="text-align: center; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
</table>
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<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund may employ the use of derivative investments such as forward foreign currency contracts to actively hedge against adverse
price movements that may result from local currency and/or equity market exposure. The use of derivative investments, cash or cash
equivalents and larger capitalization companies may also be implemented for temporary defensive purposes in an effort to reduce
portfolio risk.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests, under normal market conditions, at least 80% of its assets in securities of companies which are engaged primarily
in activities related to gold and various precious metals, including exploration, mining, development, fabrication, processing
or distribution, in instruments that derive their value from the value of precious metals and in gold, silver, platinum and palladium
in the form of bullion, coins and storage receipts. The Fund may invest in U.S., Canadian and other foreign companies of any size,
including small and mid capitalization companies, in order to achieve its objective.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Bullion
and coins for the Fund will only be bought from and sold to banks (both U.S. and foreign) who are members, or affiliated with members,
of a regulated U.S. commodities exchange. Gold, silver and other precious metals will not be purchased in any form that is not
readily marketable. Coins will only be purchased for the Fund if they can be bought and sold in an active market and will not be
purchased for their numismatic or &#147;collector&#148; value. Any bullion or coin purchased by the Fund will be delivered to
and stored with a qualified custodian bank in the United States. Bullion and coins do not generate income &#150; they offer only
the potential for capital appreciation or depreciation. Direct investment in gold, silver and platinum in the form of bullion or
coins may subject the Fund to higher custody and transaction costs than those normally associated with the ownership of stocks.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">As
a result of its specialized investment mandate, the Fund may be subject to pronounced cycles and widely varying conditions in the
stock markets. GCIC US Ltd. (the &#147;Sub-Adviser&#148;) anticipates that the Fund may invest greater than 25% of its assets
in securities of Canadian companies which are engaged primarily in activities related to gold, in instruments that derive their
value from the value of gold and in gold in the form of bullion, coins and storage receipts. Based on the Sub-Adviser&#146;s view
of global supply and demand factors, however, the precious metals weightings within the portfolio may vary and, from time to time,
a substantial portion of the Fund&#146;s assets may be invested in any one country and/or category of precious metals.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Techniques
such as fundamental analysis may be used to assess potential investments for the Fund. In conducting fundamental analysis of companies
that are being considered for purchase in the Fund, the management team evaluates the financial condition and management of a
company, its industry and the overall economy. As part of this evaluation, the Sub-Adviser may:&#160;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 4%">&#160;</td>
<td style="width: 4%">&#160;</td>
<td style="width: 92%">&#160;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">assess the strength of a company&#146;s management; and</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: left; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
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Fund invests, under normal market conditions, at least 80% of its assets in equity securities of U.S. companies chosen according
to a growth oriented investment approach. The Fund may invest in companies of any size, including small and mid capitalization
companies, in order to achieve its objective.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">When
selecting investments for the Fund, GCIC US Ltd. (the &#147;Sub-Adviser&#148;) seeks to identify companies demonstrating strong
current or prospective earnings growth relative to the overall market and relative to their peer group. While it will not concentrate
its investments in any one industry, the Fund may from time to time have significant exposure in one or more sectors of the economy,
especially the more growth-oriented sectors, such as the information technology, consumer discretionary and health care sectors.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Techniques
such as fundamental analysis may be used to assess potential investments for the Fund. In conducting fundamental analysis of companies
that are being considered for purchase in the Fund, the management team evaluates the financial condition and management of a
company, its industry and the overall economy. As part of this evaluation, the Sub-Adviser may:&#160;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 4%">&#160;</td>
<td style="width: 4%">&#160;</td>
<td style="width: 92%">&#160;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: justify; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: justify; text-indent: 0pt">assess the quality of management; and</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td style="text-align: left; text-indent: 0pt">&#9679;</td>
<td style="text-align: justify; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif">The Fund invests, under normal conditions, at least 80% of its assets in securities
of companies domiciled in, or listed in, or whose principal business activities are located in, the emerging markets.&#160;&#160;The
Fund may invest in emerging market companies of any size, including small and mid capitalization companies in order to achieve
its objective.&#160;&#160;Emerging market countries include countries included in the MSCI.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Emerging
Markets Index and MSCI Frontier Markets Index, countries with low&#160;to middle-income economies according to the International
Bank for Reconstruction and Development (more commonly referred to as the World Bank) and other countries with similar emerging
market characteristics.&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund&#146;s investment style can be considered as growth at a reasonable price (GARP).&#160;&#160;GARP investment strategy is
a blend of growth and value investing and seeks to find companies that have strong earnings growth at a good price. The Fund employs
a combination of top-down and bottom-up research to assess potential investments for the Fund.&#160;&#160;JO Hambro Capital Management
Ltd. (the &#147;Sub-Adviser&#148;) seeks to invest in companies that possess attractive fundamentals and fit with the Sub-Adviser&#146;s
top-down country views within the emerging markets.&#160;&#160;The Fund will typically own between 40 and 60 companies that the
Sub-Adviser believes exhibit strong business models, competitive industry positions and attractive valuations.&#160;&#160;The
Fund may also invest up to 5% of its assets in frontier markets, which are generally smaller, less liquid and less developed than
emerging markets.&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">In
addition, the Fund&#160; may invest in participatory notes. Participatory notes (commonly known as &#147;P-notes&#148;) are equity
access products structured as debt obligations and used by investors to take positions in certain foreign securities. P-notes are
generally issued by the associates of foreign-based foreign brokerages and domestic institutional brokerages.</p>
<p style="font: 10pt Times New Roman, Times, Serif"></p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests, under normal market conditions, at least 80% of its assets in securities of companies headquartered outside the United
States.&#160;&#160;The Fund may invest in foreign companies of any size, including small and mid capitalization companies, and
in emerging market countries, in order to achieve its objective.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">To achieve its investment objective, JO Hambro Capital Management
Ltd. (the &#147;Sub-Adviser&#148;) seeks to identify and make investments in foreign companies based on a multi-dimensional
investment process.&#160;&#160;They consider a number of factors including growth, valuation, size, momentum, and beta.&#160;&#160;The
Fund utilizes a core style with a modest growth tilt (growth at a reasonable price, or &#147;GARP&#148;) over all capitalization
ranges.&#160;&#160;The Fund seeks those stocks, sectors and countries with positive earnings surprises, sustainably high or increasing
return on equity, and attractive valuations.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The investment process utilizes a combination of bottom-up
investing and top-down asset allocation and is not benchmark constrained.&#160;&#160;Bottom-up investing utilizes techniques such
as fundamental analysis to assess growth and value potential.&#160;&#160;In conducting fundamental analysis of companies that
are being considered for purchase by the Fund, the management team will evaluate among other things, the financial condition and
management of a company, its industry, stability of the country in which the company is headquartered and the interrelationship
of these variables over time.&#160;&#160;As part of this evaluation, the Sub-Adviser may without limitation analyze financial
data and other information sources and conduct company interviews.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;Top-down asset allocation utilizes evaluations of,
among other things, economic factors including country risk, sector trends within individual countries and regions, and currency
impact.<br /></p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></p><p style="font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">The Fund invests, under normal market conditions,
in U.S. common stocks and other equity securities.&#160;&#160;The Fund will invest at least 80% of its assets in U.S. common stocks
and equity securities.&#160;&#160;The Fund&#146;s sub-adviser, Mount Lucas Management LP (the &#147;Sub-Adviser&#148;), selects
investments for the Fund based upon a proprietary equity model developed by the firm&#146;s principals that screens and ranks
stocks within the S&#38;P 500</font><font style="font-size: 70%; vertical-align: text-top">&#174;</font><font style="font-size: 10pt">
Index.&#160;&#160;The Sub-Adviser&#146;s approach is purely quantitative.&#160;&#160;The computer equity model identifies stocks
for purchase using a combination of fundamental value and price momentum criteria.&#160;&#160;Price momentum is calculated as
the percentage change in the price of a stock between two dates.&#160;&#160;These securities may be traded over-the-counter or
listed on an exchange. While the Fund will not concentrate its investments in any one industry, the Fund may from time to time
have a significant exposure in one or more sectors of the economy if the Sub-Adviser&#146;s computer equity model favors such
sector or sectors.</font></p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">The
Sub-Adviser&#146;s strategy maintains a focus on the large-cap universe and seeks to capitalize on the Sub-Adviser&#146;s belief
that several ideas can lead to returns greater than the S&#38;P 500</font><font style="font-size: 70%; vertical-align: text-top">&#174;
</font><font style="font-size: 10pt">Index: deep value stocks may outperform the market over the long-term, momentum can persist
within the market, fewer stocks in a strategy may be beneficial, a long-term investment horizon is necessary because strategies
need time to work, and asset weighted portfolio construction may hurt returns in the long-run.</font></p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">The
Fund invests, under normal market conditions, at least 80% of its assets in U.S. common stocks and other equity securities of
large capitalization companies that Smith Asset Management Group, L.P. (the &#147;Sub-Adviser&#148;), believes will have the
highest probability of an earnings growth rate that exceeds investor expectations.&#160;&#160;The Sub-Adviser defines large capitalization
companies as companies within the range of the capitalization of companies constituting the Russell 1000</font><font style="font-size: 70%; vertical-align: text-top">&#174;
</font><font style="font-size: 10pt">Growth Index.&#160;&#160;As of December 31, 2012, the capitalization range of the Russell
1000<font style="vertical-align: text-top">&#174;</font> Growth Index was between approximately $231 million and $499.7 billion.&#160;&#160;These
securities may be traded over the counter or listed on an exchange.</font></p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">When selecting investments for the Fund, the Sub-Adviser employs quantitative and qualitative analysis to identify high quality
companies that they believe have the ability to accelerate earnings growth and exceed investor expectations.&#160;&#160;The security
selection process consists of three steps.&#160;&#160;Beginning with a universe of large capitalization stocks, the Sub-Adviser&#146;s
investment team first conducts a series of risk control and valuation screens designed to eliminate those stocks that are highly
volatile or are more likely to underperform the market.&#160;&#160;The Sub-Adviser considers four primary factors when conducting
the risk control and valuation screens.&#160;&#160;Those factors are: valuation, financial quality, stock volatility and corporate
governance.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Stocks that pass the initial screens are then evaluated using a proprietary methodology that attempts to identify stocks with
the highest probability of producing an earnings growth rate that exceeds investor expectations.&#160;&#160;In other words, the
investment team seeks to identify stocks that are well positioned to benefit from a positive earnings surprise.&#160;&#160;The
process incorporates the following considerations:&#160;&#160;changes in Wall Street opinions, individual analysts&#146; historical
accuracy, earnings quality analysis and corporate governance practices.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">The first two screening steps produce a list of eligible companies that are subjected to traditional fundamental analysis to further
understand each company&#146;s business prospects, earnings potential, strength of management and competitive positioning.&#160;&#160;The
investment team uses the results of this analysis to construct the portfolio for the Fund. While the Fund will not concentrate
its investments in any one industry, the Fund may have a significant exposure to one or more sectors of the economy, such as the
Information Technology sector.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Holdings in the portfolio become candidates for sale if
the investment team identifies any negative investment or performance characteristics.&#160;&#160;Reasons to sell a stock may
include: a negative earnings forecast or report, valuation concerns, company officials&#146; downward guidance on company performance
or earnings, or announcement of a buyout.</p><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Risks of Investing in the Fund:</b>&#160;</div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Risks of Investing in the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Risks of Investing in the Fund:</b>&#160;</div><div><b>Principal Risks of Investing in the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Risks of Investing in the Fund:</b>&#160;</div><div><b>Principal Risks of Investing in the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Risks of Investing in the Fund:</b></div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Risks of Investing in the Fund:</b>&#160;</div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Risks of Investing in the Fund:</b>&#160;</div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Risks of Investing in the Fund:</b>&#160;</div><div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Principal Risks of Investing in the Fund:</b>&#160;</div><p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Since it purchases equity
securities and income trust and MLP units that trade on stock exchanges, the Fund is subject to the risk that equity security and
income trust and MLP unit prices will fall over short or extended periods of time. Price volatility is the principal risk of investing
in the Fund. You could lose all or some of your investment in the Fund. In addition, common stocks represent a share of ownership
in a company, and rank after bonds and preferred stock in their claim on the company&#146;s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Investing in foreign securities
poses additional market risks since political and economic events unique in a country or region will affect those markets and their
issuers and may not affect the U.S. economy or U.S. issuers. In addition, investments in foreign securities are generally denominated
in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect the value of
the Fund&#146;s investments.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund is also subject
to the risk that its primary market segment, investments in securities of companies involved in energy or related activities, may
underperform other market segments or the equity markets as a whole. Moreover, the Sub-Adviser&#146;s investment approach may
be contrary to general investment opinion at times or otherwise fail to produce the desired result, causing the Fund to underperform
funds that also seek capital appreciation but use different approaches to select stocks.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The small and mid capitalization
companies, income trusts and MLPs the Fund invests in may be more vulnerable to adverse business or economic events than larger,
more established companies. In particular, these small and mid cap companies may have limited product lines, markets and financial
resources, and may depend upon a relatively small management group. Therefore, small and mid cap stocks may be more volatile than
those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund&#146;s securities
may go up or down in value depending on changes in the Canadian stock market, on the relative exchange rates of the U.S. dollar
and the Canadian dollar, U.S. and Canadian political and economic developments, and U.S. and Canadian laws relating to investments
in Canada. Canadian securities may also be less liquid, more volatile and harder to value than U.S. securities. The Canadian economy
is highly dependent on the demand for, and supply and price of, natural resources. The Canadian market is relatively concentrated
in issuers involved in the production and distribution of natural resources. There is a risk that any changes in these sectors
could have an adverse impact on the Canadian economy.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">During periods of low interest
rates, Canadian income trusts may achieve higher yields compared with cash investments. During periods of high interest rates,
the opposite may be true. Income trusts may experience losses during periods of both low and high interest rates. In certain jurisdictions
where limited liability legislation for income trusts has not been enacted, there is a remote risk that where claims against an
income trust are not satisfied by that trust, investors in that trust could be held liable for any outstanding obligations.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The risks of investing in
MLPs are generally those involved in investing in a partnership as opposed to a corporation. Accordingly, there may be fewer protections
afforded to investors in an MLP than investors in a corporation. However, MLP investors typically have no personal liability, similar
to a corporation&#146;s shareholders. MLPs allow for pass-through income, meaning that they are not subject to corporate income
taxes. Instead, owners of an MLP are personally responsible for paying taxes on their allocable portion of the MLP&#146;s income,
gains, losses, and deductions whether or not they receive cash distributions. MLPs make distributions that are generally paid out
on a quarterly basis. Some distributions received by the Fund with respect to its investments in MLPs may, if distributed by the
Fund, be treated as a return of capital for federal income tax purposes because of accelerated deductions available with respect
to the activities of such MLPs and the MLPs&#146; distribution policies. Investments in units of MLPs involve risks that differ
from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the
MLP, risks related to potential conflicts of interest between the MLP and the MLP&#146;s general partner, cash flow risks, dilution
risks and risks related to the general partner&#146;s limited call right. MLPs are generally engaged in the transportation, storage,
processing, refining, marketing, exploration, production, and mining of minerals and natural resources. As a result, MLPs will
be susceptible to adverse economic or regulatory occurrences affecting these sectors.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Even a small investment in
derivative contracts can have a big impact on the Fund&#146;s stock market, currency and interest rate exposure. Therefore, using
derivatives can disproportionately increase losses and reduce opportunities for gains when stock prices, currency rates or interest
rates are changing. Writing put and call options is a highly specialized activity and entails greater than ordinary investment
risks. The successful use of options depends in part on the ability of the Sub-Adviser to manage future price fluctuations and
the degree of correlation between the options and securities (or currency) markets. The Fund may write covered call options on
a security in order to collect the related premium on the call option and establish a sale price for the related security owned
by the Fund that the Sub-Adviser believes to be attractive. By writing covered call options on equity securities, the Fund gives
up the opportunity to benefit from potential increases in the value of the common stocks above the strike prices of the written
covered call options, but continues to bear the risk of declines in the value of its common stock portfolio. The Fund may write
put options on a security in order to collect the related premium on the put option and to acquire the related security at a price
the Sub-Adviser believes to be attractive. The Fund bears the risk that the price of the security will fall significantly below
the exercise price of the put option and the Fund will be required to acquire the related stock at a price that is less than attractive.
The Fund will receive a premium from writing a covered call or put option that it retains whether or not the option is exercised.
The premium received from the written options may not be sufficient to offset any losses sustained from the volatility of the underlying
equity securities over time.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Dividends are not fixed
and the level of dividends may vary over time. There is no guarantee that the issuers of the Fund&#146;s investments will declare
dividends in the future or that, if declared, they will either remain at current levels or increase over time.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified and invests in a limited number of securities.&#160;&#160;Therefore,
the Fund&#146;s investment performance may be more volatile, as it may be more susceptible to risks associated with a single economic,
political, or regulatory event than a fund that invests in a greater number of issuers.</p>
<p></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund should only be purchased
by investors seeking income generation and long-term growth of capital who can withstand the share price volatility of equity investing
with a focus on global stocks of companies involved in energy or related activities.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended periods
of time. Price volatility is the principal risk of investing in the Fund. You could lose all or some of your investment in the
Fund. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their
claim on the company&#146;s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Investing
in foreign securities poses additional market risks since political and economic events unique in a country or region will affect
those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, investments in foreign securities
are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar
may affect the value of the Fund&#146;s investments.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
small and mid capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than
larger, more established companies. In particular, these small and mid cap companies may have limited product lines, markets and
financial resources, and may depend upon relatively small management groups. Therefore, small and mid cap stocks may be more volatile
than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund may also invest in emerging market countries. Developing countries may impose restrictions on the Fund&#146;s ability to
repatriate investment income or capital. Even if there is no outright restriction on repatriation of investment income or capital,
the mechanics of repatriation may affect certain aspects of the operations of the Fund. For example, funds may be withdrawn from
the People&#146;s Republic of China only in U.S. or Hong Kong dollars and only at an exchange rate established by the government
once each week.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Some
of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been
made periodically in certain of such currencies. Certain developing countries face serious exchange constraints.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Governments
of some developing countries exercise substantial influence over many aspects of the private sector. In some countries, the government
owns or controls many companies, including the largest in the country. As such, government actions in the future could have a
significant effect on economic conditions in developing countries in these regions, which could affect private sector companies,
the Fund and the value of its securities. Furthermore, certain developing countries are among the largest debtors to commercial
banks and foreign governments. Trading in debt obligations issued or guaranteed by such governments or their agencies and instrumentalities
involves a high degree of risk.&#160;</p>
<p style="font: 1pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">A
principal risk of growth stocks is that investors expect growth companies to increase their earnings at a certain rate that is
generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price
of its stock may decline significantly, even if it has increased earnings. Growth companies also typically do not pay dividends.
Companies that pay dividends may experience less significant stock price declines during market downturns.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Sub-Adviser expects a high portfolio turnover rate in excess of 300%.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund&#146;s investment performance may
be more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than
a fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund should only be purchased by investors seeking long-term capital appreciation
who can withstand the share price volatility of equity investing with a focus on global stocks.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended periods
of time. Price volatility is the principal risk of investing in the Fund. You could lose all or some of your investment in the
Fund. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their
claim on the company&#146;s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Investing
in foreign securities poses additional market risks since political and economic events unique in a country or region will affect
those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, investments in foreign securities
are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar
may affect the value of the Fund&#146;s investments.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
small and mid capitalization companies and income trusts the Fund invests in may be more vulnerable to adverse business or economic
events than larger, more established companies. In particular, these small and mid cap companies may have limited product lines,
markets and financial resources, and may depend upon a relatively small management group. Therefore, small and mid cap stocks
may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund may also invest in emerging market countries. Developing countries may impose restrictions on the Fund&#146;s ability to
repatriate investment income or capital. Even if there is no outright restriction on repatriation of investment income or capital,
the mechanics of repatriation may affect certain aspects of the operations of the Fund. For example, funds may be withdrawn from
the People&#146;s Republic of China only in U.S. or Hong Kong dollars and only at an exchange rate established by the government
once each week.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Some
of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been
made periodically in certain of such currencies. Certain developing countries face serious exchange constraints.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Governments
of some developing countries exercise substantial influence over many aspects of the private sector. In some countries, the government
owns or controls many companies, including the largest in the country. As such, government actions in the future could have a
significant effect on economic conditions in developing countries in these regions, which could affect private sector companies,
the Fund and the value of its securities. Furthermore, certain developing countries are among the largest debtors to commercial
banks and foreign governments. Trading in debt obligations issued or guaranteed by such governments or their agencies and instrumentalities
involves a high degree of risk.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">A
principal risk of growth stocks is that investors expect growth companies to increase their earnings at a certain rate that is
generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price
of its stock may decline significantly, even if it has increased earnings. Growth companies also typically do not pay dividends.
Companies that pay dividends may experience less significant stock price declines during market downturns.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Sub-Adviser expects a high portfolio turnover rate of between 75% and 150%.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund should only be purchased by investors seeking
long-term growth of capital who can withstand the share price volatility of equity investing with a focus on global stocks.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it purchases equity securities, REITs and income trust and MLP units that trade on stock exchanges, the Fund is subject to the
risk that equity security, REIT and income trust and MLP unit prices will fall over short or extended periods of time. Price volatility
is the principal risk of investing in the Fund. You could lose all or some of your investment in the Fund. In addition, common
stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their claim on the company&#146;s
assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Investing in foreign securities poses additional market risks since political and economic events
unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers.
In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value
of those currencies compared to the U.S. dollar may affect the value of the Fund&#146;s investments.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund&#146;s securities may go up or down in value depending on changes
in the Canadian stock market, on the relative exchange rates of the U.S. dollar and the Canadian dollar, U.S. and Canadian political
and economic&#160;developments, and U.S. and Canadian laws relating to investments in Canada. Canadian securities may also be
less liquid, more volatile and harder to value than U.S. securities. The Canadian economy is highly dependent on the demand for,
and supply and price of, natural resources. The Canadian market is relatively concentrated in issuers involved in the production
and distribution of natural resources. There is a risk that any changes in these sectors could have an adverse impact on the Canadian
economy.</p>
<p style="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">The small and mid capitalization companies, REITs, income trusts and MLPs
the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In
particular, these small and mid cap companies may have limited product lines, markets and financial resources, and may depend
upon a relatively small management group. Therefore, small and mid cap stocks may be more volatile than those of larger companies.
These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">During periods of low interest rates, Canadian income trusts may achieve higher yields compared with cash investments.
During periods of high interest rates, the opposite may be true. Income trusts may experience losses during periods of both low
and high interest rates. In certain jurisdictions where limited liability legislation for income trusts has not been enacted,
there is a remote risk that where claims against an income trust are not satisfied by that trust, investors in that trust could
be held liable for any outstanding obligations.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">A REIT is a corporation or trust that pools the capital of many investors to purchase income property
and/or mortgage loans. The Fund may purchase Canadian and U.S. equity REITs, which own and manage property, and Canadian and U.S.
mortgage REITs, which purchase mortgages and may also borrow money from banks to lend again at higher interest rates. Some REITs
also originate loans or develop properties. REITs must satisfy specific requirements for favorable tax treatment and can involve
unique risks in addition to the risks generally affecting the real estate industry. REITs are dependent upon the quality of their
management, may have limited financial resources and heavy cash flow dependency, and may not be diversified geographically or
by property type.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The risks of
investing in MLPs are generally those involved in investing in a partnership as opposed to a corporation. Accordingly, there may
be fewer protections afforded to investors in an MLP than investors in a corporation. However, MLP investors typically have no
personal liability, similar to a corporation&#146;s shareholders. MLPs allow for pass-through income, meaning that they are not
subject to corporate income taxes. Instead, owners of an MLP are personally responsible for paying taxes on their allocable portion
of the MLP&#146;s income, gains, losses, and deductions whether or not they receive cash distributions. MLPs make distributions
that are generally paid out on a quarterly basis. Some distributions received by the Fund with respect to its investments in MLPs
may, if distributed by the Fund, be treated as a return of capital for federal income tax purposes because of accelerated deductions
available with respect to the activities of such MLPs and the MLPs&#146; distribution policies. Investments in units of MLPs involve
risks that differ from investments in common stock including risks related to limited control and limited rights to vote on matters
affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP&#146;s general partner, cash flow
risks, dilution risks and risks related to the general partner&#146;s limited call right. MLPs are generally engaged in the transportation,
storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources. As a result,
MLPs will be susceptible to adverse economic or regulatory occurrences affecting these sectors.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Even a small investment in derivative
contracts can have a big impact on the Fund&#146;s stock market, currency and interest rate exposure. Therefore, using derivatives
can disproportionately increase losses and reduce opportunities for gains when stock prices, currency rates or interest rates
are changing. Writing put and call options is a highly specialized activity and entails greater than ordinary investment risks.
The successful use of options depends in part on the ability of the Sub-Adviser to manage future price fluctuations and the degree
of correlation between the options and securities (or currency) markets. The Fund may write covered call options on a security
in order to collect the related premium on the call option and establish a sale price for the related security owned by the Fund
that the Sub-Adviser believes to be attractive. By writing covered call options on equity securities, the Fund gives up the opportunity
to benefit from potential increases in the value of the common stocks above the strike prices of the written covered call options,
but continues to bear the risk of declines in the value of its common stock portfolio. The Fund may write put options on a security
in order to collect the related premium on the put option and to acquire the related security at a price the Sub-Adviser believes
to be attractive. The Fund bears the risk that the price of the security will fall significantly below the exercise price of the
put option and the Fund will be required to acquire the related stock at a price that is less than attractive. The Fund will receive
a premium from writing a covered call or put option that it retains whether or not the option is exercised. The premium received
from the written options may not be sufficient to offset any losses sustained from the volatility of the underlying equity securities
over time.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund should only be purchased by investors seeking high income and long-term growth
of capital who can withstand the share price volatility of equity investing with a focus on Canadian securities.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended periods
of time. Price volatility is the principal risk of investing in the Fund. You could lose all or some of your investment in the
Fund. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their
claim on the company&#146;s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Investing
in foreign securities poses additional market risks since political and economic events unique in a country or region will affect
those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, investments in foreign securities
are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar
may affect the value of the Fund&#146;s investments.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
small and mid capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than
larger, more established companies. In particular, these small and mid cap companies may have limited product lines, markets and
financial resources, and may depend upon relatively small management groups. Therefore, small and mid cap stocks may be more volatile
than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund&#146;s securities may go up or down in value depending on changes in the Canadian stock market, on the relative exchange
rates of the U.S. dollar and the Canadian dollar, U.S. and Canadian political and economic developments, and U.S. and Canadian
laws relating to investments in Canada. Canadian securities may also be less liquid, more volatile and harder to value than U.S.
securities. The Canadian economy is highly dependent on the demand for, and supply and price of, natural resources. The Canadian
market is relatively concentrated in issuers involved in the production and distribution of natural resources. There is a risk
that any changes in these sectors could have an adverse impact on the Canadian economy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Sub-Adviser believes that value stocks tend to be inexpensive based on various measures of their intrinsic value. These stocks
are inexpensive because they are out of investor favor for one or more reasons. The goal of the Sub-Adviser is to identify value
stocks that will increase in price and ultimately reflect their intrinsic value over time. Risks that may prevent value stocks
from appreciating include: the Sub-Adviser&#146;s inability to correctly estimate a stock&#146;s intrinsic value, the market&#146;s
inability to realize the stock&#146;s intrinsic value over time, or a poorly performing business causing the intrinsic value of
the stock to decline.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Even
a small investment in derivative contracts can have a big impact on the Fund&#146;s stock market, currency and interest rate exposure.
Therefore, using derivatives can disproportionately increase losses and reduce opportunities for gains when stock prices, currency
rates or interest rates are changing. The Fund may not fully benefit from or may lose money on derivatives if changes in their
value do not correspond accurately to changes in the value of the Fund&#146;s holdings. Forward foreign currency contracts are
privately negotiated transactions, and can have substantial price volatility. As a result, they offer less protection against
default by the other party than is available for instruments traded on an exchange. When used for hedging purposes, they tend
to limit any potential gain that may be realized if the value of the Fund&#146;s foreign holdings increases because of currency
fluctuations. The institutions that deal in forward currency contracts are not required to continue to make markets in the currencies
they trade and these markets can experience periods of illiquidity.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Dividends
are not fixed and the level of dividends may vary over time. There is no guarantee that the issuers of the Fund&#146;s investments
will declare dividends in the future or that, if declared, they will either remain at current levels or increase over time.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund&#146;s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund should only be purchased by investors seeking long-term growth of capital who can withstand the share price volatility of
equity investing with a focus on global stocks.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended periods
of time. Price volatility is the principal risk of investing in the Fund. You could lose all or some of your investment in the
Fund. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their
claim on the company&#146;s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Investing
in foreign securities poses additional market risks since political and economic events unique in a country or region will affect
those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, investments in foreign securities
are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar
may affect the value of the Fund&#146;s investments.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
small and mid capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger,
more established companies. In particular, these small and mid cap companies may have limited product lines, markets and financial
resources, and may depend upon relatively small management groups. Therefore, small and mid cap stocks may be more volatile than
those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><br />
The
Fund&#146;s securities may go up or down in value depending on changes in the Canadian stock market, on the relative exchange
rates of the U.S. dollar and the Canadian dollar, U.S. and Canadian political and economic developments, and U.S. and Canadian
laws relating to investments in Canada. Canadian securities may also be less liquid, more volatile and harder to value than U.S.
securities. The Canadian economy is highly dependent on the demand for, and supply and price of, natural resources. The Canadian
market is relatively concentrated in issuers involved in the production and distribution of natural resources. There is a risk
that any changes in these sectors could have an adverse impact on the Canadian economy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is also subject to the risk that its target market segment, investments in equity securities of businesses engaged primarily
in precious metals activities, may underperform other market segments or the equity markets as a whole. Moreover as a result of
the Sub-Adviser&#146;s specialized investment mandate, the Fund may be subject to pronounced cycles and widely varying conditions
in the markets. Fluctuations in the price of gold and precious metals often dramatically affect the profitability of companies
in the gold and precious metals sector. Political and economic conditions in gold-producing countries may have a direct effect
on the mining and distribution of gold, and consequently, on its price. When inflation is low or expected to fall, prices tend
to be weak. The Sub-Adviser&#146;s view of global supply and demand may be contrary to general investment opinion at times or
otherwise fail to produce the desired result, causing the Fund to underperform funds that also seek capital appreciation but use
different approaches to select stocks.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">When
the Fund invests in storage receipts, it receives certificates evidencing ownership of specific amounts of precious metals bullion,
instead of taking physical possession of the bullion represented by the certificate. The Fund relies on the issuers of such documents
to maintain the underlying precious metal on deposit. A default by any of the issuers could expose the Fund to loss of the metal
on deposit.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund&#146;s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund should only be purchased by investors seeking long-term growth of capital who can withstand the share price volatility of
equity investing with a focus on precious metal stocks.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended periods
of time. Price volatility is the principal risk of investing in the Fund. You could lose all or some of your investment in the
Fund. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their
claim on the company&#146;s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">A principal risk of growth stocks is that investors expect growth
companies to increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies.
If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased
earnings. Growth companies also typically do not pay dividends. Companies that pay dividends may experience less significant stock
price declines during market downturns.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The small and mid capitalization
companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies.
In particular, these small and mid cap companies may have limited product lines, markets and financial resources, and may depend
upon a relatively small management group. Therefore, small and mid cap stocks may be more volatile than those of larger companies.
These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund may
focus its investments from time to time on one or more economic sectors, in particular the information technology sector. To the
extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the
Fund&#146;s net asset value and total return. Information technology companies may produce or use products or services that prove
commercially unsuccessful, become obsolete or become adversely impacted by government regulation. Competitive pressures in the
information technology sector, and the Fund&#146;s investments in information technology company securities, may subject it to
more volatile price movements than a more diversified securities portfolio.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Sub-Adviser expects a high portfolio turnover
rate in excess of 400%.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified and invests in a limited number
of securities. Therefore, the Fund&#146;s investment performance may be more volatile, as it may be more susceptible to risks
associated with a single economic, political, or regulatory event than a fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund should only be purchased by investors seeking long-term growth of capital
who can withstand the share price volatility of equity investing.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it primarily purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended
periods of time.&#160;&#160;Price volatility is the principal risk of investing in the Fund.&#160;&#160;You could lose all or some
of your investment in the Fund.&#160;&#160;In addition, common stocks represent a share of ownership in a company, and rank after
bond and preferred stock in their claim on the company&#146;s assets in the event of bankruptcy.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;Investing in foreign securities poses additional market
risks since political and economic events unique in a country or region will affect those markets and their issuers and may not
affect the U.S. economy or U.S. issuers.&#160;&#160;In addition, investments in foreign securities are generally denominated in
foreign currency.&#160;&#160;As a result, changes in the value of those currencies compared to the U.S. dollar may affect the
value of the Fund&#146;s investments.&#160;&#160;These risks are greater for securities of companies in emerging market countries
because emerging market countries may have less stable governments, more volatile currencies and less established markets.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Other
risks include settlement, operational, custodial valuation risk, which is defined by the lack of active trading in emerging markets
that may make it difficult to obtain an accurate price for a security held by the Fund.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Developing
countries may impose restrictions on the Fund&#146;s ability to repatriate investment income or capital.&#160;&#160;Even if there
is no outright restriction on repatriation of investment income or capital, the mechanics of repatriation may affect certain aspects
of the operations of the Fund.&#160;&#160;For example, funds may be withdrawn from the People&#146;s Republic of China only in
U.S. or Hong Kong dollars and only at an exchange rate established by the government once each week.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;Some of the currencies in emerging markets have experienced
devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain of such currencies.&#160;&#160;Certain
developing countries face serious exchange constraints.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;Governments of some developing countries exercise
substantial influence over many aspects of the private sector. In some countries, the government owns or controls many companies,
including the largest in the country.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;Frontier countries generally have smaller economies
or less developed capital markets than traditional emerging market countries and, as a result, the risks of investing in emerging
market countries are magnified in frontier countries.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;P-notes, in which the Fund may invest, represent interests
in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such securities. P-notes
also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial
commitments.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The small and mid capitalization companies the Fund
invests in may be more vulnerable to adverse business or economic events than larger, more established companies.&#160;&#160;In
particular, these small and midcap companies may have limited product lines, markets and financial resources, and may depend upon
relatively small management groups.&#160;&#160;Therefore, small and midcap stocks may be more volatile than those of larger companies.
These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">The Fund should only be purchased by investors seeking long-term
growth of capital who can withstand the share price volatility of equity investing with a focus on emerging market stocks.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended periods
of time.&#160;&#160;Price volatility is the principal risk of investing in the Fund.&#160;&#160;You could lose all or some of your
investment in the Fund.&#160;&#160;In addition, common stocks represent a share of ownership in a company, and rank after bonds
and preferred stock in their claim on the company&#146;s assets in the event of bankruptcy.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;Investing in foreign securities poses additional market
risks since political and economic events unique in a country or region will affect those markets and their issuers and may not
affect the U.S. economy or U.S. issuers.&#160;&#160;In addition, investments in foreign securities are generally denominated in
foreign currency.&#160;&#160;As a result, changes in the value of those currencies compared to the U.S. dollar may affect the
value of the Fund&#146;s investments.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The Fund may also invest in emerging market countries.&#160;&#160;Developing
countries may impose restrictions on the Fund&#146;s ability to repatriate investment income or capital.&#160;&#160;Even if there
is no outright restriction on repatriation of investment income or capital, the mechanics of repatriation may affect certain aspects
of the operations of the Fund.&#160;&#160;For example, funds may be withdrawn from the People&#146;s Republic of China only in
U.S. or Hong Kong dollars and only at an exchange rate established by the government once each week.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;Some of the currencies in emerging markets have experienced
devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain of such currencies.&#160;&#160;Certain
developing countries face serious exchange constraints.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;Governments of some developing countries exercise
substantial influence over many aspects of the private sector. In some countries, the government owns or controls many companies,
including the largest in the country.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The small and mid capitalization companies the Fund
invests in may be more vulnerable to adverse business or economic events than larger, more established companies.&#160;&#160;In
particular, these small and midcap companies may have limited product lines, markets and financial resources, and may depend upon
relatively small management groups.&#160;&#160;Therefore, small and midcap stocks may be more volatile than those of larger companies.
These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The Fund should only be purchased by investors seeking
long-term growth of capital who can withstand the share price volatility of equity investing with a focus on global stocks.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended periods
of time.&#160;&#160;Price volatility is the principal risk of investing in the Fund.&#160;&#160;You could lose all or some of your
investment in the Fund.&#160;&#160;In addition, common stocks represent a share of ownership in a company, and rank after bonds
and preferred stock in their claim on the company&#146;s assets in the event of bankruptcy.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The Fund is also subject to the risk that its primary
market segment, investments in large value companies, may underperform other market segments or the equity markets as a whole.&#160;&#160;Moreover,
the Sub-Adviser&#146;s investment approach may be contrary to general investment opinion at times or otherwise fail to produce
the desired result, causing the Fund to underperform funds that also seek capital appreciation but use different approaches to
select stocks.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The Sub-Adviser believes that value stocks tend to
be inexpensive based on various measures of their intrinsic value.&#160;&#160;These stocks are inexpensive because they are out
of investor favor for one or more reasons.&#160;&#160;The goal of the Sub-Adviser is to identify value stocks that will increase
in price and ultimately reflect their intrinsic value over time.&#160;&#160;Risks that may prevent value stocks from appreciating
include:&#160;&#160;the Sub-Adviser&#146;s inability to correctly estimate a stock&#146;s intrinsic value, the market&#146;s
inability to realize the stock&#146;s intrinsic value over time, or a poorly performing business causing the intrinsic value
of the stock to decline.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The Fund is non-diversified and invests in a limited
number of securities, typically 20 to 40 stocks.&#160;&#160;Therefore, the Fund&#146;s investment performance may be more volatile,
as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a fund that invests
in a greater number of issuers.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;This Fund should only be purchased by investors seeking
capital appreciation who can withstand the share price volatility of equity investing.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended periods
of time.&#160;&#160;Price volatility is the principal risk of investing in the Fund.&#160;&#160;You could lose all or some of your
investment in the Fund. &#160;In addition, common stocks represent a share of ownership in a company, and rank after bonds and
preferred stock in their claim on the company&#146;s assets in the event of bankruptcy.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">The Fund is also subject to the risk that its primary market segment, investments in larger, growing companies, may underperform
other market segments or the equity markets as a whole.&#160;&#160;Moreover, the Sub-Adviser&#146;s investment approach may be
contrary to general investment opinion at times or otherwise fail to produce the desired result, causing the Fund to underperform
funds that also seek capital appreciation but use different approaches to select stocks.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">A principal risk of growth stocks is that investors expect growth companies to increase their earnings at a certain rate that
is generally higher than the rate expected for non-growth companies.&#160;&#160;If a growth company does not meet these expectations,
the price of its stock may decline significantly, even if it has increased earnings.&#160;&#160;Growth companies also typically
do not pay dividends.&#160;&#160;Companies that pay dividends may experience less significant stock price declines during market
downturns.</p>
<p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">This Fund should only be purchased by investors seeking capital appreciation who can withstand the share price volatility of equity
investing.</p><p style="margin: 0; font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication
of the risks of an investment in the Fund by showing the Fund&#146;s performance for each full calendar year since its inception
and by showing how the Fund&#146;s average annual returns compare with those of a broad measure of market performance. Performance
reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. Performance for Institutional
Shares and Class II Shares is not shown because Institutional Shares and Class II Shares of the Fund had not commenced operations
as of the date of this prospectus. After-tax returns are calculated using the historical highest individual federal marginal income
tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation
and may differ from those shown. Actual after-tax returns shown are not relevant to investors who hold their Fund shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRA&#148;). Past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available at www.dundeewealthus.com or by calling 1-888-572-0968.</p><p style="margin: 0">The bar chart and performance table have been omitted because the Fund had not commenced operations as of
the date of this Prospectus. The Fund intends to compare its performance to the Morgan Stanley Capital International (MSCI) World
Index.</p><p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table have been omitted because the Fund had
not commenced operations as of the date of this prospectus. The Fund intends to compare its performance to the Morgan Stanley
Capital International (MSCI) World Index.</p><p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication of the risks
of an investment in the Fund by showing the Fund&#146;s performance for each full calendar year since its inception and by showing
how the Fund&#146;s average annual returns compare with those of broad measures of market performance. Performance reflects contractual
fee waivers in effect. The performance shown for periods prior to September 30, 2011 represents performance of the Fund&#146;s
prior investment objective of capital appreciation and prior principal investment strategy of investing at least 80% of its assets
in infrastructure and infrastructure-related industries. If fee waivers were not in place, performance would be reduced. Performance
for Institutional Shares and Class II Shares is not shown because Institutional Shares and Class II Shares of the Fund had not
commenced operations as of the date of this prospectus. After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an
investor&#146;s tax situation and may differ from those shown. Actual after-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRA&#148;).
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated
performance information is available at www.dundeewealthus.com or by calling 1-888-572-0968.</p><p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication of the risks
of an investment in the Fund by showing the Fund&#146;s performance for each full calendar year since its inception and by showing
how the Fund&#146;s average annual returns compare with those of a broad measure of market performance. Performance reflects
contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. Performance for Institutional
Shares and Class II Shares is not shown because Institutional Shares and Class II Shares of the Fund had not commenced operations
as of the date of this prospectus. After-tax returns are calculated using the historical highest individual federal marginal income
tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation
and may differ from those shown. Actual after-tax returns shown are not relevant to investors who hold their Fund shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRA&#148;). Past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available at www.dundeewealthus.com or by calling 1-888-572-0968.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing the Fund&#146;s
performance for each full calendar year since its inception and by showing how the Fund&#146;s average annual returns compare
with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were
not in place, performance would be reduced. Performance for Institutional Shares and Class II Shares is not shown because Institutional
Shares and Class II Shares of the Fund had not commenced operations as of the date of this prospectus. After-tax returns are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown. Actual after-tax returns
shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts (&#147;IRA&#148;). Past performance (before and after taxes) is not necessarily an indication of how the
Fund will perform in the future. Updated performance information is available at www.dundeewealthus.com or by calling 1-888-572-0968.</p><p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
bar chart and performance table below provide an indication of the risk of an&#160;investment in the Fund by showing the Fund&#146;s
performance for its first full calendar year since its inception. Performance reflects contractual fee waivers in effect. If fee
waivers were not in place, performance would be reduced. Performance for Institutional Shares and Class II Shares is not shown
because Institutional Shares and Class II Shares of the Fund had not commenced operations as of the date of this prospectus. After-tax
returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact
of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown.
Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such
as 401(k) plans or individual retirement accounts (&#147;IRA&#148;). Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. Updated performance information is available at www.dundeewealthus.com
or by calling 1-888-572-0968.</p><p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table have been omitted because the Fund has
no investment performance information to report. After the Fund has had operations for at least one full calendar year, a bar
chart and table will show the Fund&#146;s performance from year to year.&#160;&#160;The Fund intends to compare its performance
to the Morgan Stanley Capital International Emerging Markets NR Index as its primary benchmark and Russell Emerging Markets Large Cap Index as a secondary benchmark.</p><p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication of the risks
of an investment in the Fund by showing how the Fund&#146;s performance has varied from year to year, and by showing how the
Fund&#146;s average annual returns compare with those of a broad measure of market performance.&#160;&#160;Performance reflects
contractual fee waivers in effect.&#160;&#160;If fee waivers were not in place, performance would be reduced.&#160;&#160;After-tax
returns are shown for Class I only and will vary for Class II Shares.&#160;&#160;After-tax returns are calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual
after-tax returns depend on an investor&#146;s tax situation and may differ from those shown.&#160;&#160;After-tax returns shown
are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts (&#147;IRAs&#148;).&#160;&#160;Past performance (before and after taxes) is not necessarily an indication
of how the Fund will perform in the future. Updated performance information is available at www.dundeewealthus.com or by calling
1-888-572-0968.</p>
<p style="font: 10pt Times New Roman, Times, Serif"></p><p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication of the risks
of an investment in the Fund by showing the Fund&#146;s performance for each full calendar year since its inception and by showing
how the Fund&#146;s average annual returns compare with those of a broad measure of market performance.&#160;&#160;Performance
reflects contractual fee waivers in effect.&#160;&#160;If fee waivers were not in place, performance would be reduced.&#160;&#160;Performance
for Class II Shares is not shown because Class II Shares of the Fund had not commenced operations as of the date of this prospectus.&#160;&#160;After-tax
returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact
of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#146;s tax situation and may differ from
those shown.&#160;&#160;After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;)&#160;&#160;Past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available at <u>www.dundeewealthus.com</u> or by calling 1-888-572-0968.</p><p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication of the risks
of an investment in the Fund by showing the Fund&#146;s performance for each full calendar year since its inception and by showing
how the Fund&#146;s average annual returns compare with those of a broad measure of market performance.&#160;&#160;Performance
reflects contractual fee waivers in effect.&#160;&#160;If fee waivers were not in place, performance would be reduced.&#160;&#160;Performance
for Class II Shares is not shown because Class II Shares of the Fund had not commenced operations as of the date of this prospectus.<b>&#160;</b>After-tax
returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact
of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#146;s tax situation and may differ from
those shown.&#160;&#160;Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).&#160;&#160;Past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available at <u>www.dundeewealthus.com</u> or by calling 1-888-572-0968.</p><p style="font: 10pt times new roman,times,serif; margin: 8pt 0pt 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 22%">&#160;</td>
<td style="width: 78%">&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">12/31/10</td>
<td style="text-align: left; text-indent: 0pt">14.05%</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">9/30/11</td>
<td style="text-align: left; text-indent: 0pt">(14.56)%</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p>
<p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"><b></b></p><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 30%">
<tr style="vertical-align: bottom">
<td style="width: 67%">&#160;</td>
<td style="width: 33%">&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; text-indent: 0pt">9/30/10</td>
<td style="text-align: left; text-indent: 0pt">10.92%</td></tr>
<tr style="vertical-align: bottom">
<td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; text-indent: 0pt">6/30/10</td>
<td style="text-align: left; text-indent: 0pt">(6.18)%</td></tr>
</table><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 30%">
<tr style="vertical-align: bottom">
<td style="width: 63%">&#160;</td>
<td style="width: 37%">&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; text-indent: 0pt">12/31/10</td>
<td style="text-align: left; text-indent: 0pt">10.55%</td></tr>
<tr style="vertical-align: bottom">
<td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; text-indent: 0pt">9/30/11</td>
<td style="text-align: left; text-indent: 0pt">(11.55)%</td></tr>
</table><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 30%">
<tr style="vertical-align: bottom">
<td style="width: 63%">&#160;</td>
<td style="width: 37%">&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; text-indent: 0pt">9/30/12</td>
<td style="text-align: left; text-indent: 0pt">27.74%</td></tr>
<tr style="vertical-align: bottom">
<td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; text-indent: 0pt">6/30/12</td>
<td style="text-align: left; text-indent: 0pt">(18.28)%</td></tr>
</table><p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 20%">&#160;</td>
<td style="width: 10%">&#160;</td>
<td style="width: 70%">&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">9/30/10</td>
<td style="text-align: left; text-indent: 0pt">22.36%</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">9/30/11</td>
<td style="text-align: left; text-indent: 0pt">(16.50)%</td>
<td>&#160;</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0">&#160;</p><p style="font: 10pt times new roman,times,serif; margin: 8pt 0pt 0pt"></p>
<p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="margin: 0"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 22%">&#160;</td>
<td style="width: 78%">&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">9/30/10</td>
<td style="text-align: left; text-indent: 0pt">20.80%</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">9/30/11</td>
<td style="text-align: left; text-indent: 0pt">(21.00)%</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p><p style="font: 10pt times new roman,times,serif; margin: 8pt 0pt 0pt"></p>
<p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="margin: 0"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 22%">&#160;</td>
<td style="width: 78%">&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">6/30/09</td>
<td style="text-align: left; text-indent: 0pt">26.54%</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt"> 12/31/08</td>
<td style="text-align: left; text-indent: 0pt">(24.88)%</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p><p style="font: 10pt times new roman,times,serif; margin: 8pt 0pt 0pt"></p>
<p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="margin: 0"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 22%">&#160;</td>
<td style="width: 78%">&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt"> 12/31/10</td>
<td style="text-align: left; text-indent: 0pt">14.47%</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt"> 12/31/08</td>
<td style="text-align: left; text-indent: 0pt">(24.56)%</td></tr>
</table>
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prospectus.</p><p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table have been omitted because the Fund has
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column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus9Member column dei_LegalEntityAxis compact duwf_S000026154Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus10Member column dei_LegalEntityAxis compact duwf_S000018869Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus11Member column dei_LegalEntityAxis compact duwf_S000017709Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>0.04050.04370.1790.1842"Other Expenses" for Institutional Shares and Class II Shares, which had not commenced operations as of the date of this prospectus, are estimated based on Class I Shares for the current fiscal year.The Adviser has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 0.99% for Institutional Shares, 1.09% for Class I Shares and 1.24% for Class II Shares until January 31, 2014. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement.While the Fund commenced operations on August 14, 2009, the Fund began investing consistent with its investment objective on August 18, 2009."Other Expenses" are estimated for the current fiscal year.The Adviser has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 1.05% for Institutional Shares, 1.15% for Class I Shares and 1.30% for Class II Shares until January 31, 2014. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement."Other Expenses" for Institutional Shares and Class II Shares, which had not commenced operations as of the date of this prospectus, are estimated based on Class I Shares for the current fiscal year.Acquired Fund Fees and Expenses ("AFFE") represent the pro rata expenses indirectly incurred by the Fund as a result of investing in other mutual funds that have their own expenses. AFFE are not used to calculate the Fund's net asset value and do not correlate to the ratio of Expenses to Average Net Assets found in the "Financial Highlights" section of the Prospectus.The Adviser has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 0.99% for Institutional Shares, 1.09% for Class I Shares and 1.24% for Class II Shares until January 31, 2014. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver and reimbursement.While the Fund commenced operations on March 31, 2009, the Fund began investing consistent with its prior investment objective on April 1, 2009.The Standard & Poor's/Toronto Stock Exchange Equity Income Index began its performance history on December 20, 2010. As such, performance results are not available for periods prior to that date.While the Fund commenced operations on March 31, 2009, the Fund began investing consistent with its investment objective on April 2, 2009.The Adviser has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 1.10% for Institutional Shares, 1.20% for Class I Shares and 1.35% for Class II Shares until January 31, 2014. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement.While the Fund commenced operations on March 31, 2009, the Fund began investing consistent with its investment objective on April 1, 2009.The Adviser has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 0.74% for Institutional Shares, 0.84% for Class I Shares and 0.99% for Class II Shares until January 31, 2014. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement.DundeeWealth US, LP (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 1.29%, 1.39% and 1.54% for Institutional Shares, Class I Shares and Class II Shares, respectively, until January 31, 2014. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement.The investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 1.09% for Class I Shares and 1.34% for Class II Shares until January 31, 2014. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement.While Class I Shares of the Fund commenced operations on July 29, 2009, Class I Shares began investing consistent with its investment objective on July 30, 2009. Class II Shares commenced operations on March 31, 2010."Other Expenses" for Class II Shares, which had not commenced operations as of the date of this prospectus, are estimated based on Class I Shares for the current fiscal year.The investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 0.95% for Class I Shares and 1.20% for Class II Shares until January 31, 2014. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement.While the Fund commenced operations on September 28, 2007, the Fund began investing consistent with its investment objective on October 1, 2007.The investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 0.79% for Class I Shares and 1.04% for Class II Shares until January 31, 2014. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement.While the Fund commenced operations on May 31, 2007, the Fund began investing consistent with its investment objective on June 1, 2007.EX-101.DEF
3
duwf-20120930_def.xml
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